|By Jennifer Bjorhus, Star Tribune (Minneapolis)|
The official conversion takes place this coming weekend, Thrivent announced Monday, with
All Thrivent bank clients will become member-owners of the new credit union, which will have nearly
The bank, meanwhile, is changing its name and charter to become a limited purpose, non-depository trust called
"It's good to see the light at the end of the tunnel," said
In an interview Monday, Sipe said that
Thrivent received the final approval in a written order from the OCC and the
As part of Dodd-Frank, the Federal Reserve took over supervising savings-and-loan holding companies, work previously done by the
In reaction, a number of large life insurance companies such as
But turning bank units into credit unions is not the popular option.
There's no profit motive for bankers, noted
"We thought it was important to continue offering depository services to Thrivent members," Royal said, calling the credit union as "sort of an elegant way of solving a problem."
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|Source:||McClatchy-Tribune Information Services|